Topgolf Callaway Brands (NYSE:CALY) Raised to “Strong-Buy” at Zacks Research

Topgolf Callaway Brands (NYSE:CALY) was upgraded by analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a report issued on Wednesday, Zacks reports.

A number of other brokerages have also issued reports on CALY. UBS Group cut their target price on Topgolf Callaway Brands from $19.00 to $17.00 and set a “neutral” rating on the stock in a research report on Monday, September 14th. B. Riley Financial reissued a “buy” rating and set a $23.00 price target (up from $19.00) on shares of Topgolf Callaway Brands in a research report on Wednesday, August 5th. Wall Street Zen lowered shares of Topgolf Callaway Brands from a “buy” rating to a “hold” rating in a research note on Saturday, October 10th. Truist Financial upped their price target on shares of Topgolf Callaway Brands from $19.00 to $20.00 and gave the company a “buy” rating in a report on Tuesday, September 1st. Finally, The Goldman Sachs Group increased their price objective on shares of Topgolf Callaway Brands from $17.00 to $19.00 and gave the company a “neutral” rating in a research note on Wednesday, August 5th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Topgolf Callaway Brands has an average rating of “Moderate Buy” and an average target price of $19.83.

Topgolf Callaway Brands Price Performance

Shares of CALY stock opened at $15.15 on Wednesday. Topgolf Callaway Brands has a 12 month low of $8.71 and a 12 month high of $20.28. The firm has a market capitalization of $2.71 billion, a P/E ratio of 35.24 and a beta of 0.96. The company’s fifty day moving average price is $14.73 and its two-hundred day moving average price is $15.65.

Topgolf Callaway Brands (NYSE:CALY) last released its quarterly earnings results on Tuesday, August 4th. The company reported $0.39 EPS for the quarter, topping the consensus estimate of $0.35 by $0.04. The business had revenue of $612.20 million for the quarter. Topgolf Callaway Brands had a return on equity of 5.86% and a net margin of 3.37%. The company’s revenue for the quarter was down 44.9% compared to the same quarter last year. On average, sell-side analysts anticipate that Topgolf Callaway Brands will post 0.75 EPS for the current year.

Insider Buying and Selling at Topgolf Callaway Brands

In other Topgolf Callaway Brands news, CEO Oliver Brewer, III sold 67,474 shares of Topgolf Callaway Brands stock in a transaction on Thursday, August 6th. The shares were sold at an average price of $18.30, for a total value of $1,234,774.20. Following the completion of the transaction, the chief executive officer owned 201,276 shares of the company’s stock, valued at $3,683,350.80. The trade was a 25.11% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Glenn Hickey sold 28,843 shares of the business’s stock in a transaction on Thursday, August 6th. The shares were sold at an average price of $18.74, for a total transaction of $540,517.82. Following the sale, the executive vice president owned 72,239 shares of the company’s stock, valued at approximately $1,353,758.86. The trade was a 28.53% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 97,717 shares of company stock worth $1,800,492 over the last 90 days. 2.91% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Topgolf Callaway Brands

Several institutional investors and hedge funds have recently bought and sold shares of CALY. Oregon Public Employees Retirement Fund boosted its stake in Topgolf Callaway Brands by 12.2% in the third quarter. Oregon Public Employees Retirement Fund now owns 34,821 shares of the company’s stock valued at $491,000 after acquiring an additional 3,800 shares during the period. ProShare Advisors LLC grew its holdings in shares of Topgolf Callaway Brands by 8.9% during the third quarter. ProShare Advisors LLC now owns 21,865 shares of the company’s stock valued at $308,000 after purchasing an additional 1,778 shares during the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al raised its position in shares of Topgolf Callaway Brands by 3.2% during the 3rd quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 203,100 shares of the company’s stock worth $2,862,000 after purchasing an additional 6,300 shares during the period. Choreo LLC bought a new stake in shares of Topgolf Callaway Brands in the 3rd quarter worth approximately $145,000. Finally, Inspire Investing LLC lifted its holdings in shares of Topgolf Callaway Brands by 24.1% in the 3rd quarter. Inspire Investing LLC now owns 44,705 shares of the company’s stock worth $630,000 after purchasing an additional 8,689 shares during the last quarter. Institutional investors and hedge funds own 84.69% of the company’s stock.

Topgolf Callaway Brands Company Profile

Topgolf Callaway Brands is a golf and active-lifestyle company formed through Callaway Golf Company’s acquisition of Topgolf, which was completed in 2021. The company has combined traditional golf equipment and apparel operations with Topgolf’s technology-enabled entertainment venues.

Its golf portfolio has included Callaway and Odyssey golf clubs, golf balls, wedges, putters and accessories, along with apparel and lifestyle products sold under brands such as TravisMathew and OGIO. Topgolf venues provide golf entertainment, food and beverage service, event hosting and digitally supported play for both experienced golfers and newcomers.

Based in Carlsbad, California, the company has served customers through sporting-goods retailers, specialty golf shops, mass merchants, e-commerce platforms and direct-to-consumer channels.